I don't know what you paid for the whole package but you are VERY nicely set up there. You're well on your way to avoiding the cost of all the stuff that is needed to go with the lathe.
As it happens I've got that exact same Starret test indicator kit.
A couple of hints based on the pictures.
Taps, metal files, drill bits and other cutting tools deserve to be treated better than just dumped in a box and rattle around on each other. Take some time and use some wood to make up tool indexing blocks that hold these cutting tools apart. For files it may be just a thin board of plywood with dowel pins to act as racks. For drills and taps of course just holes to take the shanks are fine. Keep them loose though.
The same thing goes for the slitting saws on the arbors I see. The edges won't stay keenly sharp if they are rolling around in the grit in the boxes and dinging into other tooling. Take the saw blades off the arbors and put them away in small paper envelopes with the sizes marked on them. Even better is to fold up some simple "U" shaped covers from file folder card stock and fit them into a little box with one flap of the folded cover sticking up to form "tabs" that have the sizes on them sticking up so you can find the right size blade quickly. If you only have a couple then fill most of the box with a block of wood or whatever for now. You now have a "saw index" instead of a file card index.
You see where this is going, right? We pay a lot of cash for these cutting tools. And many of them are not cheap or easy to sharpen. So it's well worth a bit of time to try to keep them from needless damage.
I know I positively cringe when I see metal files loose in a box rubbing against each other. A good file can do wondrous work and do it with surprisingly little effort. But a file dulled by rubbing against its brothers is a sad thing that removes little and insults the skills of the craftsmen that made them. The old school masters would kick any apprentice around the shop and back if they were stupid enough to store files so they rubbed together.
From my brief time with my own Myford I found that the only carbide tools it would tolerate without chattering were the positive rake tools. The negative rake tools require a LOT more pressure to plow instead of cut the metal. And the lighter makeup of the Myford just didn't tolerate that. So learn what works and avoid the rest regardless of frequent suggestions that such tooling is wonderful stuff. You'll figure it out soon enough. I actually got my best results and the lathe was far less stressed when using HSS cutting bits that I touched up frequently to keep the edges keenly sharp.
I know you want to make chips right away so I'll echo a tip which I'm sure is also in the books but which you might not have reached yet.
Keep your unsupported stock length short. You never want to work with a piece which sticks out in open air which is much longer than 4 diameters. And sticking with closer to a maximum of 3 diameters is better. Square stock is SLIGHTLY more tolerant so ideally no more than 4 to 5 widths. Here again less is better. Even then risky extension lengths of this sort will soon teach you about the importance of a "spring cut" and introduce you to the "nails on the blackboard" wonder of chatter in some cases. When you're working in terms of thousandths or even parts of a thou it's surprising just how limp and floppy steel, brass and aluminium really is within that context. The only operation that this rule does not apply to is axially drilling with the drill bit in the tail stock.
Did you get a tail stock die holder among the tooling? If not then that's a great first project once you figure out just how to make chips. You can do a lot of "close enough" threading operations on your parts with a nice easy to use tail stock die holder. Google and You Tube it. Lots of information, pictures and videos to be had with the terms "tail stock die holder".
This one was made on my own Myford back when I had it. The first pic shows the 1/2 inch guide rod in the drill chuck and the holder apart. The second picture is the holder being used to thread that bit of scrap rod seen in the chuck of the first picture. The holder slides freely but with very little play on the guide rod so the thread is mostly held close to axial and centered. It's not good enough for something like threading the end of a barrel but it's better than needed for most applications that don't require dead on centering.
I'm sure the safety guys will have something to say about the toes in the picture
Nice lathe and have fun with it.
Rob
Once he gets a few chips on that nice clean floor there won't be any more bare feet shots....
